90% of consumers want FI security standards applied to merchants: EPC

February 9, 2016

WASHINGTON (2/9/16)--Ninety percent of consumers agree stores and retailers should be held to the same standards as financial institutions to keep customer data secure, according to a new Morning Consult poll released this week.

Almost one year after President Barack Obama’s Summit on Cybersecurity and Consumer Protection, the new survey reveals consumer attitudes toward cybersecurity and electronic payments. Of the 2,028 registered voters surveyed, 75% agreed stores should move as quickly as possible to adopt new forms of electronic payments that would help protect consumer information.

Click image to enlarge. EPC Image.

“The poll clearly shows that choice and security are customers’ priorities when making electronic payments,” said Molly Wilkinson, Electronic Payments Coalition (EPC) executive director. Consumers want diversity in payment options, which serves the dual purpose of giving customers what they want at the register and decreases the likelihood of security breaches. “

The Credit Union National Association, which is a member of EPC, continues to press lawmakers to pass legislation that would ramp up data security standards for merchants. Until merchants are required to protect customer data at the same level as financial institutions, the nation’s largest credit union association has said, the payments network will continue to have gaps and consumer data will remain vulnerable.

Seventy-nine percent of respondents said they are satisfied with the security of their financial information at their financial institutions.

Another 82% agreed that consumers should have a choice about what type of payment technology they want to use.

Roughly 83% agreed that while retailers may prefer a particular form of electronic payments, they should look at adding more options for their customers.

Eight in 10 (77%) are satisfied with the security of their financial information when using their credit card.

“Retailers and the payments industry must work together to serve their customers’ best interests and protect their information--any push to mandate only one form of payment will not protect consumers from fraud,” Wilkinson said.

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